President Obama will announce that Janet Yellen is to take over at the top of the US central bank, the Federal Reserve. Yellen will start a four-year term in January and becomes the first woman to run the organisation. Markets in the US continue to suffer as worries mount over the looming deadline to raise the debt ceiling. In company news, we have a report on the giant of the telecom equipment sector, Huawei. Staying in China, Yum Brands reports a 68% drop in quarterly profits. In Europe, steelmaker Arcelor Mittal says it plans to invest €92 million at a site in Dunkirk and tension is increasing for the struggling Italian airline Alitalia. Here in France, French company bosses have called on President Hollande to ease the current tax regime.
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President Obama will announce that Janet Yellen is to take over at the top of the US central bank, the Federal Reserve. Yellen will start a four-year term in January and becomes the first woman to run the organisation. Markets in the US continue to suffer as worries mount over the looming deadline to raise the debt ceiling. In company news, we have a report on the giant of the telecom equipment sector, Huawei. Staying in China, Yum Brands reports a 68% drop in quarterly profits. In Europe, steelmaker Arcelor Mittal says it plans to invest €92 million at a site in Dunkirk and tension is increasing for the struggling Italian airline Alitalia. Here in France, French company bosses have called on President Hollande to ease the current tax regime.
News video | 591 views
President Barack Obama will announce Wednesday afternoon that Janet Yellen is his choice to head the Federal Reserve, a White House official confirmed to TIME.
Yellen, currently the vice chairwoman at the Fed, has been seen as Obama’s top choice since soon after former economic adviser Larry Summers withdrew his name from consideration for the role. She is considered a strong supporter of current chair Ben Bernanke’s stimulus policies, which have coincided with a soaring stock market, and is largely expected to extend them.
Obama will announce his decision to nominate Yellen at the White House at 3 p.m. Wednesday, joined by Yellen and Bernanke, according to the White House offical. Yellen’s nomination must still be confirmed by the Senate.
News video | 488 views
President Barack Obama will nominate Janet L. Yellen as chairwoman of the Federal Reserve on Wednesday, White House officials said Tuesday night, ending an unusually prolonged and public search to fill one of the most important economic policy-making jobs in the world.
Yellen, 67, has been the Fed's vice chairwoman since 2010, when Obama nominated her to the post and she was easily confirmed on a voice vote by the Senate. She would be the first woman to run the central bank.
She is also expected to win bipartisan support for her new role in the Democratic-controlled Senate, said Sen. Charles E. Schumer of New York. But some Republicans could throw up hurdles. Sen. Bob Corker of Tennessee voted against her appointment as vice chairman because of what he called 'her dovish views on monetary policy,' and he was already expressing reservations on Tuesday night about her nomination for the top job.
'We will closely examine her record since that time,' said Corker, who sits on the Banking Committee, which must clear her nomination before it moves to the full Senate. 'But I am not aware of anything that demonstrates her views have changed.'
Yellen's nomination was widely expected, but she was not thought to be Obama's first choice for the job. For months, the speculation was that the president would nominate Lawrence H. Summers, a former adviser of Obama's. But Summers d
News video | 527 views
The vice chairman of the Federal Reserve, a leading candidate to replace Ben Bernanke as head of the agency, is favored by Democrats and economists alike.
News video | 431 views
Barack Obama will nominate Federal Reserve vice chair Janet Yellen to succeed Ben Bernanke as chairman of the US central bank, the White House has announced.
Mrs Yellen would be the first woman to head the powerful Fed, taking over at a pivotal time for the economy and the banking industry.
Both Mrs Yellen and Mr Bernanke are scheduled to appear with Mr Obama at the White House on Wednesday for a formal announcement.
Mr Bernanke's term ends in January, completing a remarkable eight-year tenure in which he helped pull the US economy out of the worst financial crisis and recession since the 1930s.
Under Mr Bernanke's leadership, the Fed created extraordinary programs after the financial crisis erupted in 2008. It lent money to banks after credit markets froze, cut its key short-term interest rate to near zero and bought trillions in bonds to lower long-term borrowing rates.
Those programs are credited with helping save the US banking system.
Mrs Yellen emerged as the leading candidate after Lawrence Summers, a former Treasury secretary whom Mr Obama was thought to favour, withdrew from consideration last month in the face of rising opposition.
Mrs Yellen, 67, would likely continue steering Fed policy in the same direction as Mr Bernanke. A close ally of the chairman, she has been a key architect of the Fed's efforts under Mr Bernanke to keep interest rates near record lows to support the economy.
News video | 500 views
The Senate confirmed Janet Yellen as the first woman to lead the Federal Reserve, elevating an advocate of fighting unemployment and a backer of the central bank's efforts to spur the economy with low interest rates and massive bond purchases.
News video | 2336 views
Amid a political standoff in Washington, President Obama is set to nominate Janet Yellen to replace Ben Bernanke as head of the Federal Reserve, the White House said Tuesday night. Yellen, the current vice chairwoman of the central bank and the front-runner for the top spot after Larry Summers withdrew as a candidate amid intense political scrutiny, guarantees a continuation of current monetary policy, with the Fed engaged in an $85 billion-a-month asset purchase program that could be close to being wound down. An official announcement is expected to be made Wednesday.
If confirmed by the Senate, Yellen would take the helm of the Fed in a moment of transition, as the FOMC prepares to taper its quantitative easing program, a prospect which the markets see as the beginning of the end of easy money. Yellen has worked side by side with Chairman Bernanke as vice chairwoman since 2010, and has been a proponent of the Fed’s loose monetary stance. Even if the Fed reduces its pace of monthly asset purchases, it would still be adding to its balance sheet.
Since the Federal Funds rate hit the zero-bound in the wake of the 2008 financial crisis, Bernanke has engaged in several rounds of quantitative easing, buying Treasuries and mortgage-backed securities with the aim of increasing the money supply and encouraging bank lending. The Fed’s balance sheet has ballooned past $3 trillion, leaving his successor with the difficult task of managing the exit strategy.
News video | 521 views
Oct. 9 - Television's Erik Schatzker examines the career of Janet Yellen, President Obama's nominee to be Fed Chairman.
News video | 845 views
President Barack Obama will nominate Federal Reserve vice chair Janet Yellen to succeed Ben Bernanke as chairman of the US central bank, the White House said on Tuesday. Yellen would be the first woman to head the powerful Fed, taking over at a pivotal time for the economy and the banking industry.
Both Yellen and Bernanke are scheduled to appear with Obama at the White House on Wednesday for a formal announcement.
Bernanke's term ends in January, completing a remarkable eight-year tenure in which he helped pull the US economy out of the worst financial crisis and recession since the 1930's.
Under Bernanke's leadership, the Fed created extraordinary programs after the financial crisis erupted in 2008. It lent money to banks after credit markets froze, cut its key short-term interest rate to near zero and bought trillions in bonds to lower long-term borrowing rates.
Those programs are credited with helping save the US banking system.
Yellen emerged as the leading candidate after Lawrence Summers, a former Treasury secretary whom Obama was thought to favor, withdrew from consideration last month in the face of rising opposition.
Yellen, 67, would likely continue steering Fed policy in the same direction as Bernanke. A close ally of the chairman, she has been a key architect of the Fed's efforts under Bernanke to keep interest rates near record lows to support the econom
News video | 523 views
President Barack Obama says Janet Yellen is a tough and proven leader ready to take over as chairman of the Federal Reserve.
News video | 629 views
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